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The Rand Corporation, those meticulous accountants of the inevitable, predict a demand of 68 gigawatts next year, swelling to a monstrous 327 by 2030. A figure that chills me not with its scale, but with its certainty. We are building a digital Leviathan, and few seem to consider the cost of feeding it. The market, of course, is enthralled by the spectacle, chasing the phantom of exponential growth. But I ask you: what good is a brilliant mind, if it collapses from exhaustion? Or, in this case, a power outage?

The mania, you see, was unsustainable. Investors, ever the restless flock, began to eye the overcrowded AI pasture with a degree of suspicion. A stampede for the exit, though not quite yet, has resulted in a collective 4.9% dip for the Seven this year, as measured by the Roundhill Magnificent Seven ETF (MAGS 1.48%). They peaked, as all bubbles do, back in late October 2025, and have been drifting downwards ever since – a gentle descent, perhaps, but a descent nonetheless. One begins to suspect the dividends were a mirage.

To suggest a doubling of the stock in three years isn’t prophecy, dear reader, but a rather straightforward application of logic – and a healthy disregard for prevailing panic. The gentleman who waits, as they say, doesn’t necessarily inherit the earth, but he often acquires a rather attractive portfolio.

One notes, with a certain detached curiosity, that this constitutes 1.23% of River Road’s reportable assets. A percentage. A sliver of ownership, meticulously quantified, and yet utterly devoid of meaning beyond its numerical existence. The portfolio, as publicly declared, reveals a hierarchy of holdings: NYSE:BJ at $306.44 million, NYSE:WTM at $251.19 million, and so on, descending into a carefully constructed pyramid of financial commitments. Each figure, a testament to the ceaseless accumulation of… something. The ordering itself feels significant, though the rationale remains elusive. Perhaps it is simply alphabetical. Or perhaps a complex algorithm dictates the arrangement, a secret known only to the custodians of these funds.

For years, they’ve catered to the serious traders, the people who treat the market like a chess game, not a lottery ticket. I suspect they look at accounts like mine with a mixture of pity and mild annoyance. But the brokerage world is changing, and even IBKR can’t ignore it. It’s like my Aunt Mildred suddenly deciding to learn TikTok – inevitable, and slightly unsettling.

It’s a curious thing, mind you. Amazon, that purveyor of everything under the sun (and a good many things that ought to remain under the sun), and Costco, that warehouse full of bulk bargains, are headin’ into 2026 lookin’ mighty different. Amazon’s been spendin’ money like a drunken sailor, while Costco’s been sittin’ pretty on a pile of membership fees. And yet, it’s Amazon that’s growin’ faster, a fact that’d give old man Scrooge a fit of the vapors.

Below these titans, one finds Meta Platforms, currently valued at a more modest, yet still considerable, sum. It is a company that has, in recent years, undergone a transformation, a shedding of its former skin, and now seeks to establish itself upon new foundations. Whether this endeavor will prove successful remains, as with all things, uncertain.

It’s a new position for them, which is…interesting. It represents 10.45% of their 13F reportable AUM as of December 31st, 2025. Which is a commitment. A statement. I, meanwhile, am still trying to decide if oat milk is a worthwhile investment.

Two such enterprises have caught our eye: MercadoLibre (MELI +1.01%) and Toast (TOST 1.51%). Both are currently trading at valuations that suggest either profound skepticism or, more likely, a temporary lapse in collective reason. A discerning investor, one who appreciates a well-constructed scheme, can capitalize on such moments.

Currently, Oklo generates no revenue. Its prospects hinge on the successful development and commercialization of technologies that remain, at this juncture, highly speculative. The recent surge in valuation, fueled by the demands of energy-intensive artificial intelligence data centers, appears disproportionate to the demonstrable progress made. One observes a familiar pattern: optimism outpacing reality.